Horizon Petroleum Ltd.
Description
Horizon proposes to raise up to CA$5 million through a private placement, issuing up to 100 million common shares at a price of $0.05 per share. The net proceeds are to be used to close the acquisition, prepare the assets for development and for general corporate purposes. Horizon has entered into an engagement agreement with Gneiss Energy Ltd., a London, United Kingdom based energy-focused advisory practice, for the purposes of raising new equity in Europe. In addition, Horizon will raise additional funds from Canadian and certain U.K. investors on a non-brokered basis.